(1) When an initiative or referendum petition has been finally determined sufficient, the City Council shall promptly consider the proposed initiative ordinance in the manner prescribed for enacting ordinances or reconsider the referred ordinance or resolution by voting its repeal. If the City Council fails to adopt a proposed initiative ordinance without any change in substance within sixty (60) days or fails to repeal a referred ordinance or resolution within thirty (30) days after the date the petition was finally determined sufficient, it shall submit the proposed or referred ordinance or the referred resolution to the voters of the City on the first uniform election date that is at least forty-five (45) days after the date the City Council fails to act as specified herein. Any election order so issued shall comply fully with the Texas Election Code.
(2) The called election may coincide with a regular city election should such city election fall within the specified period. No ordinance substantially the same as an initiated ordinance which has been defeated or one substantially the same as a referred ordinance which has been approved at any election may be initiated by the voters within two (2) years from the date of such election. Copies of the proposed or referred ordinance or the referred resolution shall be made available at the polls and shall be published at least once in the official newspaper of the City not more than fifteen (15) days immediately prior to the date of the election.